The State Bank of Vietnam published a readout of Deputy Governor Doan Thai Son’s participation in the ASEAN+3 Central Bank Deputy Governors and Finance Deputy Ministers’ Meeting in Hong Kong, where members reviewed the global and regional outlook and agreed forward priorities for ASEAN+3 financial and banking cooperation, including work on the Chiang Mai Initiative Multilateralisation (CMIM) and ASEAN+3 Macroeconomic Research Office (AMRO). The meeting endorsed updates to the ASEAN+3 cooperation agenda, including an update to the 2019 Strategic Direction, AMRO’s 2026–2028 medium-term plan, 2025 macroeconomic surveillance guidance for members, and AMRO’s 2026 budget, staffing and director evaluation framework. On CMIM readiness, members approved a three-year cycle to review the USD interest spread starting in 2027, and adopted a periodic review plan for the IMF De-linked Portion (IDLP) and the results of the 16th CMIM test run. Deputies also discussed the initiative to move CMIM towards a paid-in capital model, with Vietnam highlighting the need for a phased approach supported by comprehensive legal, governance, financial and operational assessments. Looking ahead, the CMIM USD interest-spread review cycle is expected to commence in 2027, and the ASEAN+3 financial co-chair role for 2026 will transfer to Japan and the Philippines.
State Bank of Vietnam 2025-11-28
State Bank of Vietnam reports ASEAN+3 deputies’ approval of CMIM review cycle and continued work on paid-in capital model
The State Bank of Vietnam reported Deputy Governor Doan Thai Son's participation in the ASEAN+3 Central Bank Deputy Governors and Finance Deputy Ministers’ Meeting in Hong Kong. Key outcomes included updates to the ASEAN+3 cooperation agenda, approval of a three-year cycle for reviewing the Chiang Mai Initiative Multilateralisation (CMIM) USD interest spread starting in 2027, and discussions on transitioning CMIM to a paid-in capital model. The ASEAN+3 financial co-chair role for 2026 will transfer to Japan and the Philippines.